Archive | Jones Lang LaSalle

Builder buys on Maidstone St

A construction company has bought a small Grey Lynn property taken to market recently by JLL.

Isthmus west

Grey Lynn

6 Maidstone St:
Features: 368m² site, 473m² warehouse & residential space
Rent:
Outcome: sold to a local construction company with vacant possession for $3.088 million + gst
Agents: Jason Armstrong & Alex Wefers

Attribution: Agency release.

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3 industrial sales for JLL

JLL agents have sold 2 Penrose warehouses, one at a 5.1% yield and the other vacant, plus a Rosebank Rd industrial unit in Avondale.

Isthmus east

Penrose

13C Bassant Rd:
Features: 154m², vacant warehouse
Outcome: sold for $631,000 + gst
Agents: Richard McNaught & Luke Nash

641 Great South Rd:
Features: 3840m² site, 1731m² warehouse, low site coverage
Outcome: sold for $4.15 million + gst at a 5.1% yield
Agents: Richard McNaught & Luke Nash

Isthmus west

Avondale

390B Rosebank Rd:
Features: 632m² site, vacant 506m² industrial unit – warehouse 353m², office 153m²
Outcome: sold for $1.15 million + gst
Agents: Luke McGill & Richard McNaught

Attribution: Agency release.

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JLL sells 5 buildings in east, west & on Shore

JLL agents have sold a vacant 3-storey Parnell building, 2 buildings on the west of the isthmus in Lynfield & Mt Eden and a unit in Vinegar Lane, and a multi-tenanted Browns Bay building on the Shore (pictured).

Isthmus east

Parnell

24 York Street:
Features: 599m² 3-level standalone building zoned business mixed use
Outcome: sold with vacant possession for $4.1 million + gst
Agents: Jason Armstrong & Ian Hall

Isthmus west

Grey Lynn

25 Pollen St, corner Crummer Rd:
Features: vacant 80m² retail or office unit, 46m² exclusive courtyard in Vinegar Lane development
Outcome: sold for $1.175 million + gst
Agent: Alex Wefers

Lynfield

210 White Swan Rd:
Features: 1011m² site, 330m² building, childcare centre licensed for 54 children, 13 parking spaces
Rent: $121,000/year net + gst
Outcome: sold for $2.325 million + gst at a 5.2% yield
Agents: Kevin Reardon & Alex Wefers

Mt Eden

101 Mt Eden Rd:
Features: 1812m² investment & development site, multi-tenanted building
Outcome: sold for $5.6 million + gst at a 2.7% yield
Agents: Tommy Zhang & Kevin Reardon

North-east

Browns Bay

41 Bute Road:
Features: 2093m² site, 1044m² net lettable area, 2-level multi-tenanted building in 7 titles, 6 ground-floor retail tenants + Lollipops childcare centre upstairs licensed for 75 children, 31 parking spaces
Outcome: sold for $6.9 million + gst at a 6% yield
Agents: Ian Hall & John Binning

Attribution: Company release.

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Updated: AccorInvest puts whole Australian portfolio on market

Published 25 July 2018, updated 25 July at 10pm.
Updates: Closing date of expressions of interest, leasehold rooms.

AccorInvest has put its Australian portfolio of 23 hotels up for sale, with long-term operating leases to AccorHotels.

The portfolio – 17 freehold & 6 leased properties valued at over $A300 million – is being offered through an expressions of interest campaign conducted by JLL Hotels & Hospitality for either the whole portfolio or individual hotels, closing on Tuesday 28 August.

The Accor SA hotel group of France split its business into operator (AccorHotels) & investor (AccorInvest) in 2013. In February this year, Accor announced it intended to sell 55% of AccorInvest, which owned 891 hotels around the world at that time, to 2 sovereign funds, Saudi Arabia’s Public Investment Fund and GIC of Singapore, institutional investors Credit Agricole Assurances, Colony NorthStar & Amundi, and other investors.

That transaction was completed at the start of June, with 57.8% sold for a total €4.4 billion ($NZ7.56 billion).

Meanwhile, AccorHotels completed its acquisition of Australian hotelier the Mantra Group Ltd’s operating business in June for $A1.2 billion. Mantra had a portfolio of 125 Peppers, Mantra & BreakFree hotels & resorts in Australia, New Zealand, Indonesia & Hawaii. 11 are in New Zealand.

4 of AccorInvest’s 17 Australian freehold assets are Ibis hotels and the other 12 Ibis Budget. They contain a total 1797 rooms. The 6 lease interests are the Como Mgallery by Sofitel in Melbourne, the Novotel, Mercure & Ibis hotels in Brisbane and the Mercure & Ibis hotels in Perth, containing another 1249 rooms.

AccorInvest acquired 15 of the Ibis hotels from the Abu Dhabi Investment Authority for $A200 million in December 2016, as part of a restructure of that sovereign wealth fund’s restructure of its 31-hotel Australian portfolio.

Link:
JLL, 24 July 2018: One of Australia’s largest hotel portfolios for sale

Earlier story:
15 October 2017: AccorHotels details full takeover of Mantra

Attribution: JLL release, Accor.

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Kingsland commercial sale

JLL agents have sold a Kingsland showroom with office & parking to an owner-occupier.

Isthmus west

Kingsland

353 New North Rd:
Features: 401m² site, 552m² 3-level building comprising office, showroom & basement, 8 parking spaces
Outcome: sold to an owner-occupier with a coffee roasting business for $2.99 million
Agents: Alex Wefers & Jason Armstrong

Attribution: Agency release.

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Kingsland building sells

JLL agents have sold a Kingsland building to an owner-occupier for just under $3 million.

Isthmus west

Kingsland

353 New North Rd:
Features: 401m² site, mixed-use zoning, 552m² building – ground-floor showroom 184m², upstairs office 184m², basement storage 184m², 13 parking spaces
Outcome: sold to a Coffee Roaster owner-occupier for $2.99 million
Agents: Alex Wefers & Jason Armstrong

Attribution: Agency release.

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7 industrial units sell

JLL agents have sold 3 adjoining industrial units in Morningside and a mix of 4 warehouses in Glenfield & the Wairau Valley.

Isthmus west

Morningside

34, 36 & 38 Ethel St:
Features: 1976m² site, 3 industrial units of 501m², 517m² & 603m², total floor area 1621m², 19 parking spaces
Outcome: sold to an add-value investor for $5.35 million
Agents: Alex Wefers &d Jarred

North-east

Glenfield

2C Target Court:
Features: 269m² industrial unit – office 189m², warehouse 80m², 3 parking spaces
Rent: estimated at $38-40,000/year
Outcome: sold with vacant possession to an owner-occupier for $700,000
Agent: Jaye Miller

Wairau Valley

19 Ashfield Rd:
Features: 130m² warehouse & office unit
Rent: $27,000/year net + gst + opex, 5-year lease
Outcome: sold for $470,000 at a 5.74% yield; close to $17,000 of roofing work was required, reducing the yield to 5.54%
Agent: Jaye Miller

21A Porana Rd:
Features: 1846m² floorspace – warehouse 1096m², office 750m², leased to kitchen manufacturer Apollo Group on a newly renewed 6-year lease
Rent: $255,000/year net
Outcome: sold for $4.45 million, at a 5.73% yield
Agent: Jaye Miller

21F Porana Rd:
Features: 2434m² 2-storey industrial building, 28 parking spaces + surplus yard, leased to Winger Motors Ltd for 7 years
Rent: $271,000/year net
Outcome: sold for $4.15 million
Agent: Jaye Miller

Attribution: Agency release.

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Eden Terrace deal leads JLL metro year-end sales

JLL’s Auckland metro team ended 2017 with 6 sales on the east & west of the isthmus, in Eden Terrace, Grey Lynn, Herne Bay & Parnell.

They included the $6.8 million sale of a Porters Avenue property in Eden Terrace (pictured).

Isthmus east

Parnell

10 Augustus Terrace, units 2a & 2b:
Features: 2 office units totalling 246m², 8 parking spaces
Rent: $86,000/year net
Outcome: both sold in December for $1.53 million + gst at a 5.6% yield
Agent: Ben Jamieson

15 Bath St:
Features: 375m² mixed-use site, 539m² office building, 14 parking spaces
Rent: $225,000/year net
Outcome: sold in December for $4.2 million + gst at a 5.35% yield
Agent: Ben Jamieson

Isthmus west

Eden Terrace

1A Porters Avenue:
Features: 3371m² site zoned mixed use, 2760m² warehouse, workshop & office
Outcome: sold to an owner-occupier with vacant possession for $6.8 million
Agents: Jarred Hill, Alex Wefers & Nick Cape

Grey Lynn

41C Crummer Rd:
Features: 92m² office unit, 23m² deck, 2 secure parking spaces
Outcome: sold for $624,000, reflecting $6783/m² floor area
Agents: Alex Wefers & Tom Dobier

28 Monmouth St:
Features: 332m² vacant land in mixed-use zone
Outcome: sold to developer for residential purposes for $1.18 million + gst, reflecting $3554/m²
Agent: Alex Wefers

Herne Bay

204-208 Jervois Rd:
Features: 491m² multi-tenanted property, 832m² floor area, hospitality & office tenants
Rent: about $318,000/year net
Outcome: sold for $6.3 million + gst, reflecting a 5.0% yield
Agent: Alex Wefers

Attribution: Agency release.

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Rosedale & Wairau Valley sales

JLL North Shore agent Jaye Miller has completed 2 sales in Rosedale & on Porana Rd in the Wairau Valley.

North-east

Rosedale

4 Orbit Drive, unit E5:
Features: 234m² tenanted office  
Outcome: sold for $1.015 million
Agent: Jaye Miller

Wairau Valley

7 Porana Rd, unit 1:
Features: 150m² industrial unit
Outcome: sold for $436,500
Agent: Jaye Miller

Attribution: Agent release.

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Dozen sales for JLL

JLL agents have sold 11 commercial properties around Auckland and one in Palmerston North.

CBD

Learning Quarter

44E Anzac Avenue:
Features: 168m² office floor with apartment conversion potential, 2 parking spaces
Rent: $35,280/year net
Outcome: sold for $580,000 at a 6% yield
Agent: Jason Armstrong

Isthmus east

Epsom

Knights Inn, 234 Green Lane West:
Features: 26-unit motel
Outcome: sold for $9.5 million
Buyer’s agents: Jason Armstrong & Jarred Hill

Isthmus west

Blockhouse Bay

552-554 Blockhouse Bay Rd:
Features: 2 shops of 50m² & 53m², leased to a hair salon & a Thai food takeaway
Rent: $44,240/year net + gst
Outcome: sold for $911,000 at a 4.85% yield
Agent: Kevin Reardon

Grey Lynn

27 Nixon St:
Features: 455m² 2-level building, residential over ground-floor warehouse
Outcome: sold vacant for $2.2 million
Agents: Jason Armstrong & Alex Wefers

30a Pollen St:
Features: 377m² industrial unit – 306m² ground-floor warehouse, 70m² office & amenities, 4 parking spaces
Rent: $68,000/year net + gst
Outcome: sold for $1.365 million at a 4.98% yield
Agents: Alex Wefers & Jarred Hill

60A Surrey Crescent:
Features: 147m² industrial unit, 4 parking spaces
Rent: $37,000/year net + gst
Outcome: sold for $728,000 at a 5.08% yield
Agents: Alex Wefers & Jarred Hill

Mt Albert

43a Linwood Avenue, unit 7:
Features: 260m² vacant warehouse unit, 6 parking spaces
Outcome: sold for $750,000 at a 5.2% yield on market rent
Agent: Alex Wefers

Mt Eden

45A Normanby Rd:
Features: 582m² industrial unit – 385m² warehouse, 197m² office & amenities, 10 parking spaces
Outcome: sold vacant for $2.058 million
Agent: Ben Jamieson

23 Edwin St, unit G02:
Features: 105m² office unit, 4 parking spaces, new 3-year lease
Rent: $50,000/year net + gst
Outcome: sold for $1.05 million at a 4.76% yield
Agent: Ben Jamieson

North-east

Mairangi Bay

17-19 Apollo Drive:
Features: vacant 13,008m² zoned general business
Outcome: sold on behalf of AUT, price confidential
Agents: Jason Armstrong & Dave Mayhew

41 Centorian Drive:
Features: 20,172m² of subdivisible residential land zoned mixed suburban, longtime home of medical publisher Adis International Ltd (more recently Springer Science+Business Media)
Outcome: sold, price confidential
Agents: Jason Armstrong & Dave Mayhew

South of the Bombays

Manawatu

Palmerston North

10-15 The Square:
Features: 1830m² of office & retail space
Outcome: sold, price confidential
Agent: Jason Armstrong

Attribution: Agency release.

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